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Santa Ines Copper-Gold Project

Santa Ines Copper-Gold Project - Salta Province Argentina

Power Minerals SA (Argentine entity) retained tenure during the year that targets copper-gold porphyries within four highly prospective leases of the Santa Ines Project. A geophysical IP survey is planned for the northern part of the project in conjunction with Ganfeng Lithium, which plans a brine pipeline to traverse the project.


Figure 11 – planned geophysical IP survey and boreholes

The Santa Ines Copper-Gold Project consists of four mining leases covering 61.4Km2held by Power Minerals SA. The Project is located in the same geological structure and setting as BHP’s world-class Escondida Copper-Gold Mine in Chile, 80 kilometers to the northwest, and represents a potential, large-scale, porphyry copper-gold opportunity. Located some 40kms to the northeast is First Quantum’s Taca Taca advanced exploration project (Figure 11) and three other significant Copper-Gold projects including Lindero,which commenced production in October 2020.


Figure 12 – Santa Ines Copper-Gold Project Regional Geology

Power Minerals plans to conduct a two-borehole drilling program to test two priority targets generated by exploration carried out by the company in 2013-14 that included ground geophysics and field sampling. Target 1 is the historic Santa Ines Mine copper-iron-gold workings at depth and Target 2 is a significant magnetic anomaly 300 metres south of the Santa Ines Mine (Figure 13).


Figure 13 – Magnetic inversion profile through the Santa Ines Mine and Target 2

The Santa Ines mina comprises a number of small artisanal diggings consisting of shallow pits and adits exploiting abundant secondary copper and specular haematite mineralisation associated with haematite-silica veining within a broader envelope of albitic alteration. Orientated to the NE this steeply dipping vein system and phyllic alteration extends across a low outcropping hill. More recent shallow pits indicate that mineralisation is evident for at least 400m across strike whereas along strike it becomes lost
under thin cover at the base of a hill after a few hundred metres.


Published reports by SEGEMAR (Argentine Geological Survey) describe the mineralisation at Santa Ines as being gold bearing with mineralisation present dominantly as malachite, azurite, chrysocolla and specular haematite with minor primary mineralisation occurring as chalcopyrite and chalcocite. Samples collected recently by Power Minerals Minerals confirm high grade copper and gold
mineralization is present (Photos 13 & 14).


In 2012 four grab samples were collected from around the opening of the Santa Ines Mine and assayed by ALS Global laboratory in Adelaide. Assay results are tabulated below:

Sample Cu% Fe% Au g/t Ag g/t
1 21.7 26.4 0.91 34.9
2 13.7 23.7 0.17 17.5
3 10.6 10.8 0.12 1.6
4 1.7 8.0 - 3.4



COMMUNITY - KEY TO PROJECT SUCCESS

Power Minerals vision for the future is to discover and develop mineral deposits that not only provide benefit to shareholders, but also to the local and regional communities in which it operates.

The Company is committed to building a strong social and environmental license with the communities and traditional owners of its projects in Australia and Argentina.